Solar Panel Cost Guide in Round Lake Park, IL (2023 Update)
- Round Lake Park Solar Installation Cost: $12,078
- 25-Year Savings: $10,534
- Payback Period: 13.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Round Lake Park
Here's how much it might cost to go solar in Round Lake Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Round Lake Park, the typical cost of a solar system is 2.73 per watt. To account for the typical energy needs of the average home in Round Lake Park, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs about $12,078, or $17,272 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of solar panels you want, your solar contractor and more. Despite the large initial cost, the average Round Lake Park homeowner can save about $14,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a reputable solar installer in your area for a custom estimate.
Solar savings over time in Round Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,173 |
| 3 years | $-9,364 |
| 5 years | $-7,555 |
| 7 years | $-5,746 |
| 9 years | $-3,937 |
| 11 years | $-2,128 |
| 13 years | $-319 |
| 15 years | $1,490 |
| 17 years | $3,298 |
| 19 years | $5,107 |
| 21 years | $6,916 |
| 23 years | $8,725 |
| 25 years | $10,534 |
Top Solar Installers in Round Lake Park
When switching to solar energy, many homeowners decide to go with a solar installation company since putting up solar panels yourself can be a challenging project. Plus, if you'd like to maximize your investment in solar, going with a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives.
If you're searching for a solar installer in Round Lake Park, we've compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Round Lake Park
Factors that Affect Solar Panel Costs in Round Lake Park
For many Round Lake Park homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Round Lake Park, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,730. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, like solar batteries, can bump up your total well above the Round Lake Park average.
Solar Financing Terms
Many homeowners find the average cost of solar in Round Lake Park to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Round Lake Park, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. The company's size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $9,531 | 13.9 years |
| 8 kW | $2.78 | $15,594 | $13,014 | 13.6 years |
| 10 kW | $2.73 | $19,110 | $16,649 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,438 | 13.1 years |
| 14 kW | $2.62 | $25,684 | $24,379 | 12.8 years |
| 16 kW | $2.57 | $28,741 | $28,473 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,721 | 12.3 years |
| 20 kW | $2.46 | $34,398 | $37,121 | 12.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: The type of solar panel you want to get plays a part in which company you should choose, since different companies provide different panels.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one mark of a quality company.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Round Lake Park, IL Solar Cost FAQs
How much does it cost to install solar panels in Round Lake Park?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Round Lake Park?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Round Lake Park is currently $183,157, which means you could be looking at a value of about $7,509 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Round Lake Park is a fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.